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Yahoo layoffs to begin next week-report

The Yahoo! Connected TV booth is shown during the 2011 International Consumer Electronics Show (CES) in Las Vegas, Nevada in this file photo taken January 7, 2011. Yahoo Inc sued Facebook Inc on Monday over 10 patents that include methods and systems for advertising on the Web, according to a copy of the lawsuit. REUTERS/Steve Marcus/Files (UNITED STATES - Tags: BUSINESS SCI TECH)

SAN FRANCISCO: Yahoo Inc will begin layoffs of thousands of employees next week and will announce a plan to restructure the company the week after that, according to a media report.

Yahoo declined to comment.

The layoffs, which will not take place all at once, will mostly affect Yahoo's product, research and marketing groups, according to the report in the blog AllThingsD, which cited anonymous sources.

Under a plan still being finalized, Yahoo would reorganize its business to create a global media division, while product development would move to decentralized units. The company is figuring out the future of its advertising technology business, as well as its search business, according to the report.

The layoffs and reorganization would mark the most significant moves by new Chief Executive Scott Thompson, the former PayPal president who took the top job at Yahoo in January.

Yahoo, which ended 2011 with roughly 14,000 employees, has seen its revenue decline amid competition from Web rivals Google Inc and Facebook.

 

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